Ethereum's Price Movement Lacks Conviction Amid Structural Bid
Ethereum has been holding above $2,500, but its price movement lacks conviction. The cryptocurrency traded at $2,517.8, up marginally from a previous close of $2,507.6, after reaching an intraday high of $2,546.2 and then retreating.
This failed spike is the fourth time it has happened in two weeks. Ethereum's price movement can be attributed to the same wave that Bitcoin caught on Thursday, driven by Fed Governor Christopher Waller's remarks that pushed traders to price in a hold rather than a hike at the September meeting.
The structural bid for Ethereum remains real, with the cryptocurrency gaining 32.5% through August while spot ETF inflows crossed $1.852 billion in a single month and exchange reserves declined. This suggests spot buying rather than expanding derivatives exposure is supporting the recovery.